Answer: The answer depends on the value of the items, and whether or not there are any liens or loans secured by those assets. For example, if you own a brand new car worth $50,000 with no loans against it, you would not be permitted to keep it if you went bankrupt, unless you were able to give equivalent cash value to the trustee.
Since the rules are complicated, we recommend that you consult a licensed bankruptcy trustee to arrange a no-charge initial consultation to review your specific circumstances.
Labels: bankruptcy Montreal
posted by Questions @ 10:15 AM
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